- Monthly : 5-wave upmove from 75.30 to 105.44 looks likely complete (although a further new high cannot be definitively ruled out yet).
- Weekly and Daily : Bear flag consolidation looks almost over and ready to crash. Break point on daily chart is 101.40 (closed below last night, albeit only just - not penetrated deep enough to be convincing yet).
- Compare the USD/JPY daily with the Copper weekly. If the former follows the path of the latter, expect to see a powerful downmove soon.
- Various downside targets possible. eg 93.77 previous 4th, measured bear flag objective around 96.63.
- Don't be fooled into thinking USD/JPY looks cheap. Don't go long!
- Copper, S&P500, USD/JPY all telling a consistent message. Going forward, would be a buyer of bonds on dips.
2 comments:
Testing waters ..
-101.53
Stopped out post-FOMC. Fed changes forward guidance and removed 6.5% unemployment threshold in favor of a broader view of the jobs market.
+102.45.
There goes that great idea.
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